Stocks hovered in a small range in positive zone in mid-morning trade amid a divergent trend among various index constituents. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 42.15 points or 0.13% at 31,704.12. The Nifty index was up 16.35 points or 0.16% at 9,932.55.
Domestic stocks nudged higher in early trade on positive Asian stocks. Key benchmark indices trimmed gains in morning trade.
The S&P BSE Mid-Cap index was up 0.72%. The S&P BSE Small-Cap index was up 0.69%. Both these indices outperformed the Sensex.
The breadth indicating the overall health of the market was strong. On BSE, 1,443 shares gained and 782 shares fell. A total of 123 shares were unchanged.
Overseas, Asian stocks were trading higher, tracking overnight US gains following a deal to extend the federal government's borrowing limit for three months. US stock benchmarks closed slightly higher yesterday, 6 September 2017 after congressional leaders and President Donald Trump agreed to extend the debt limit deadline and fund the government through mid-December.
In US economic data, the trade deficit rose slightly in July, keeping the US on track to post a larger gap in 2017 than in 2016. The deficit edged up to $43.7 billion in July from $43.5 billion in June. A reading on services activity, meanwhile, came in better than expected, providing an added lift to the outlook for the health of the US economy. ISM services were at 55.3 in August, compared with 53.9 in the prior period. A reading of at least 50 indicates expansion.
The European Central Bank holds a policy meeting today, 7 September 2017 and investors are keen to see whether it will send a message regarding the timing of an exit from its ultra-loose monetary policy.
Back home, pharma shares rose on renewed buying after recent slide. Cadila Healthcare (up 2.66%), Dr Reddy's Laboratories (up 1.21%), Glenmark Pharmaceuticals (up 0.32%), Lupin (up 0.51%), Sun Pharmaceutical Industries (up 1.2%), Alkem Laboratories (up 0.74%), GlaxoSmithKline Pharmaceuticals (up 0.2%), Aurobindo Pharma (up 0.73%) and Wockhardt (up 1.12%) gained. Cipla (down 0.4%) fell.
Telecom stocks saw mixed trend. Bharti Airtel (up 0.68%) and MTNL (up 0.03%) rose. Idea Cellular (down 0.37%), Tata Teleservices (Maharashtra) (down 0.28%) and Reliance Communications (down 0.89%) fell.
Shares of Bharti Infratel rose 0.05%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
NBCC (India) rose 1.49% after the company signed an agreement on 5 September 2017 with Ministry of Health & Family Welfare, Government of India for planning, designing and construction of expansion of Sports Injury Centre in New Delhi. The order is worth approximately Rs 464 crore, the company said. The announcement was made after market hours yesterday, 6 September 2017.
Sagar Cement rose 2.45% after on a consolidated basis the company's production rose 19.92% to 1.91 lakh metric tonne on 15.32% increase in sales to 1.99 lakh metric tonne in August 2017 over August 2016. The announcement was made after market hours yesterday, 6 September 2017.
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